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November was all about breaking records! We broke record after record primarily because the inventory of homes for sale was so low. In fact, 3,415 homes for sale at the end of the month represents the lowest inventory on record. (The average number of homes for sale during November is 14,488!) Average and median home […]
December Market Update Read More »
Market Update, November 5, 2020 Home prices continued to climb in October. The average price for a single-family home sold was $625,100, while the average for attached homes was $393,733. We saw the lowest number of active listings for any October ever, which definitely had an impact on prices. There were just 4,821 homes for sale, almost 2,000
Front Range Real Estate Market Update, November 5, 2020 Read More »
Mortgage rates hit another record low this week. This is the tenth record low this year – 2.81% for a 30-year-loan, according to Freddie Mac. A year ago, the average was 3.69%. This is helping drive buyer demand, but, according to the Mortgage Banker’s Association, applications decreased 0.7% compared to last week. Speaking of mortgages, in
Front Range Real Estate Market Report – October 15, 2020 Read More »
Every home in America just got a flood-risk score. Your home – and any home you may purchase – has an easy-to-access “Flood Factor” score that “is an indicator of its comprehensive flood risk” and shows a property’s “likelihood of flooding and the potential depth of that flood.” FEMA flood maps can be unreliable predictors of future flooding and
Front Range Real Estate Market Update, August 27, 2020 Read More »
There are more buyers than homes available and buyers are competing to purchase homes. Multiple-offer situations can be frustrating. Being prepared, having a strategy and being patient and open to change can help. Every buyer should be pre-approved for a loan. Pre-approval is conditional approval for a loan and requires that you complete a mortgage
Front Range Real Estate Market Update, August 20, 2020 Read More »
There still aren’t enough homes for sale in Metro Denver to satisfy buyer demand. Statistics for July indicate scarcity of choice was one reason detached homes sold at a record average price last month – $601,863. This is nearly ten percent higher than a year ago (9.92% to be precise) and up 7.68% compared to
Front Range Real Estate Market Update, August 6, 2020 Read More »
Last week, we mentioned that some analysts believe home prices will decrease in the metro area by next May. Even if prices do decrease, it may make sense to buy a home now rather than wait. The biggest reason for this is interest rates. Interest rates for 30-year mortgages hit record lows last week, going below
Front Range Real Estate Market Update, July 23, 2020 Read More »
Market Update, June 25, 2020 For years, home prices have risen steadily in the Denver metro area, but we may be seeing some stabilization in pricing now. The average price for a home that sold in the area during May was $494,550, down from $502,168 in April and down from $511,702 in March. Normally, May
Front Range Real Estate Market Report – 6/25/2020 Read More »
Market Update, June 11, 2020 Where were you in 2010? In the same home? In a different state or town? We thought it would be interesting to look at some key real estate statistics from May 2020 and compare them to what was happening during May 2010. Active Listings – May 2010 to May 2020 Average Closed Price
Front Range Real Estate Market Update, June 11, 2020 Read More »
June Market Report Month-over-month numbers for May The number of homes sold, the average closed price and the median closed price were all down in May, but the active inventory and number of homes under contract were up significantly. Active Inventory: 7,170, up 4.6% Pending: 4,979, up from 2,359 Closed Homes: 3,152, down 19.71% Average
Front Range Real Estate Market Update, June 2020 Read More »
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